A family earning $100,000 would pay ZERO on the first $50,000 and only 10% on the next $50,000. That's $5,000 in taxes, not $20,000.
Here is the rate schedule. Try it again.
you fell for the propaganda.
(lets keep this simple to let me explain this)
Person A is currently making $100,000 and pays a 40% tax, would leave him owing $40,000, but he has $20,000 in deductions, which leaves him owing $20,000.
Person B is also currently making $100,000 and only pays a 25% tax and has no deductions, this leaves him owing $25,000.
Who is paying the most? Person A or Person B
Person B ! Of course.
But Trump is trying to fool everyone into believing that person A is paying the most because he has a higher tax rate.
*news flash*
The tax rate you pay DOESN'T matter. All that matters is how much comes out of your pocket when all the dust clears. If you will pay MORE, then you just got your taxes raised!
You are treating deduction as tax credits. Furthermore, mortgage interest and charitable giving are included in the Trump plan.
Yes, but I personally feel that we shouldn't be paying accountants significant sums of money because the tax code is complex, and it shouldn't be that the person with the best accountants and better ability to find the shelters and loopholes pays the least. I absolutely support tax-deferred and tax-free savings etc., but the rules have to be more straightforward. I think most people would be shocked by some of the ways it's possible to avoid taxes.
A family earning $100,000 would pay ZERO on the first $50,000 and only 10% on the next $50,000. That's $5,000 in taxes, not $20,000.
Here is the rate schedule. Try it again.